The Financial Times is reporting an internal US military study has warned that future oil supplies are at risk because of the spread of “resource nationalism” in Latin America. Both Bolivia and Ecuador have recently taken steps to nationalize oil fields, while Venezuela has raised taxes on foreign oil production. In the report, analysts with the US Southern Command say re-emerging state control over energy will “increase inefficiencies and… hamper efforts to increase long-term supplies and production.” The report also warns oil production in Mexico is at risk because of state restrictions on foreign investment. The military concludes: “Pending any favorable changes to the investment climate, the prospects for long-term energy production in Venezuela, Ecuador and Mexico are currently at risk.”